GameStop Corp.
Q4 2020 Earnings Call Transcript

Published: 23 Mar 2021

[Operator:]

Greetings and welcome to the GameStop Fourth Quarter and Fiscal 2020 Earnings Call. At this time, all participants are in a listen-only mode. It is now my pleasure to introduce your host, Eric Cerny, Investor Relations. Thank you, Mr. Cerny, you may begin.

[Eric Cerny:]

Thank you and welcome to GameStop's fourth quarter and fiscal 2020 earnings conference call. This call will include forward-looking statements which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Any such statement should be considered in conjunction with the cautionary statements in the Safe Harbor statement in the earnings release and risk factors discussed in reports filed with the SEC. GameStop assumes no obligation to update any of these forward-looking statements or information.

[George Sherman:]

Good afternoon everyone and thank you for joining us today. Before reviewing our results, I'd like to take this opportunity to personally thank our entire GameStop team for all that it has accomplished over the past year. Throughout the year, we worked incredibly hard to meet our customers' needs whenever, however, and wherever they chose to shop amidst the pandemic-impacted backdrop. I'm so grateful for our team's dedication to our customers and our brand. Fiscal 2020 was an unprecedented time. Our full year results reflect our organizations' adaptiveness and focus on navigating the various operating challenges presented by the pandemic. I am particularly proud of how our team members met the expectations of our customers by greeting them during curbside pickups, packing orders that shipped from stores, assisting with online orders, and offering advice to customers in store. During this time, our top priority was safeguarding the health and well-being of our associates, customers, and communities. As you recall, we closed the majority of our global fleet during the height of the pandemic resulting in a significant reduction of operating days compared to 2019. When stores were allowed to re-open, we operated under limited hours and at reduced capacity in many locations and in several of our operating countries returned to full store closure protocols later in the year. During this time, we worked diligently to plan for safe re-openings and introduce more members of GameStop's loyal customer base to our e-commerce capabilities. In terms of operational initiatives, we accomplished the following in fiscal 2020. We delivered 191% increase in Global E-Commerce sales to represent approximately 29% of total net sales, up from a low-single digit percentage historically and reflecting investments during the year that enhanced our e-commerce capabilities.

[Operator:]

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful evening.

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